The Chilean Economic Prosecutor’s Office (FNE) recently gave its approval for the sale of Iansa to the American firm Hartree Partners, a company connected to the well-known Oaktree fund. This decision follows Iansa’s notification in November that ED&F Man, the British company holding a majority stake, had reached a deal to sell its shares in the sugar producer to the New York-based enterprise.
Today,the FNE published both the report and the resolution approving this transaction. Generally,the economic authority steadfast that this sale of Iansa wouldn’t increase market concentration within the relevant economic activities or create vertical integration effects at a national level.
“Based on the foregoing, this Prosecutor’s Office has reached the conviction that the Operation is not suitable to substantially reduce competition,” stated National Economic Prosecutor jorge Grunberg, leading to its ultimate approval.
FNE Approves Iansa Sale
Hartree Partners, founded in 1997, specializes in commodities and energy, and is owned by the investment fund Oaktree. Oaktree maintains a meaningful presence throughout Europe alongside offices in the United States and across Asia. As of March 2023,Oaktree managed approximately US$203 billion in assets.
ED&F Man, with a history dating back to 1783-initially contracted by the Royal Navy to supply rum-has long been connected to the sugar industry. This British firm gained control of 91.95% of the Chilean sugar producer’s shares in 2015. I’ve found that longevity and established industry ties, like those of ED&F Man, often play a crucial role in significant market transactions.
According to the resolution details, the FNE highlighted Hartree as a global company specializing in energy, commodities, and financial markets, controlled by oaktree Capital Holdings LLC. The selling entities-subsidiaries of ED&F Man Holdings limited, now Agman Group Limited-do not have operations in Chile beyond Iansa.
The activities of Grupo Iansa-through its various affiliates-encompass the “production and sale of sugar, molasses, fruit and vegetable pulp, fruit and vegetable puree, juice concentrate, tomato sauce, retail food products, animal and pet nutrition, agricultural supplies, and the provision of financial services to agricultural entities.”
Did You Know? Iansa is a key player in the Chilean agricultural landscape
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